When comparing monsterwm vs Wayland, the Slant community recommends Wayland for most people. In the question“What are the best window managers for Linux?”Wayland is ranked 23rd while monsterwm is ranked 41st. The most important reason people chose Wayland is:

Wayland simplifies the graphics stack by trying to force everything through a GEM/DRM stack and straight into the kernel. Furthermore, it manages compositing itself.

Supports multiple monitor setups

Pro

Floating mode support

Pro

Simplifies the graphic stack

Wayland simplifies the graphics stack by trying to force everything through a GEM/DRM stack and straight into the kernel. Furthermore, it manages compositing itself.

Pro

Easy to maintain

Wayland has no drawing APIs. Instead, a Wayland client gets a DRM buffer handle, which is practically just a pointer to a graphics memory. Practically Wayland does not care how the client draws to that buffer, it only copies the client's buffers on the screen.

The removes a lot of complexity (because Wayland just pushes the complex stuff to the other layers of the stack) and by making the clients responsible for all the rendering, they can be smarter on how they do things like double-buffering for example.

Cons

Con

No runtime config file

There is no runtime configuration file, so any changes made will only be visible when the session has been reloaded.

Con

XWayland handles popup windows poorly

XWayland is necessary to support the vast majority of GUIs that don't yet fully support Wayland (e.g. Firefox). Popup windows and context menus in XWayland behave badly, flickering, opening in strange sizes, and refusing to reopen within the same session. Seems to be best documented here and here.

Con

No mechanisms to configure input

Tools like xinput and xmodmap that help customize keyboard and mouse input are incompatible with Wayland, have no corollary, and there is no clear roadmap for providing their functionality.

Con

Little driver support

Most closed sourced drivers do not support the KMS/shared-GEM/shared-DRM technologies on which Wayland works. While this may be okay for open source purists, who only want to use graphic cards that have open source drivers available, it may not sit well with people who spend a lot of money for high-end graphic cards only to get some crappy 3D performance.

Although it should be noted that NVIDIA has declared that they will start supporting Wayland, it may take years before Wayland fully supports most high-end drivers.

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